Director General of the National Space Research and Development Agency (NASRDA), Dr. Mathew Adepoju, has called on the private sector to tap into the “space economy” as it is the fastest growing economic sector globally, which is projected to hit $1trillon annually by 2030.

Adepoju also stated that currently, the sector generates $500 billion yearly, calling on captains of industry in the country, Africa and all over the world “to come and invest, and make good money in the sector.”

Speaking at a joint press conference with the Abuja Chamber of Commerce and Industry, as part of activities to announce the 2nd edition of the Africa Space Economy Conference and Exhibition (ASEC), over the weekend, Adepoju said Africa “Must not play a backside role in the 4th industrial revolution.”

He said: “This is the fourth industrial revolution and Africa must not play a back side role. It is high time for us to take our rightful position on the seat of Global Innovation, Science and Technology, in which space technology is the peak of human endeavor and the cutting edge of innovations.

“The space economy is the fastest growing economic sector in the whole world. It is projected to hit one trillion dollars per annum by the year 2030. And currently, it’s more than $500 billion annually.”

Also speaking, the President of ACCI, Chief Emeka Obegolu, noted that the conference is aimed at attracting both local and international investment, fostering robust public-private partnerships, and advocating for enabling policies “That will de-risk and accelerate growth in Africa’s space sector.”